Six of the ten countries who joined the European Union last week are to be warned that their budget deficits are too high, according to Spanish press reports
Published:
6 May 2004 y., Thursday
The warnings mark the first step in a disciplinary procedure designed to limit budget deficits - or surpluses - to less than three percent of GDP.
In theory repeated transgression from these rules could result in massive fines, however no such fines have ever been imposed and the new members are likely to be given significant leeway to put their books in order.
According to the Spanish financial daily Cinco Dias, Poland (with a deficit of 4.1%), Hungary (5.9%), the Czech Republic (12.9%), Slovakia (3.6%), Cyprus (6.3%) and Malta (9.7%), are all likely to receive warnings in the coming weeks.
According to newswire EFE, the new economic affairs commissioner, Joaquín Almunia, will propose next Wednesday (12 May) that disciplinary procedures be initiated.
The move is likely to be seen as a message that the new member states should move toward convergence with the euro zone's rules without delay.
Šaltinis:
euobserver.com
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.
The most popular articles
Lithuanian-led Provincial Reconstruction Team in Chaghcharan was fired at on September 16. PRT personnel did not suffer any injuries.
more »
President Valdas Adamkus accepted letters of credence from Mr. Scott Heatherington, Ambassador of Canada.
more »
Minister of National Defence Juozas Olekas signed an order on discontinuation of compulsory basic military service, September 15.
more »
President of the Republic of Lithuania Valdas Adamkus sent congratulations on behalf of himself and the people of Lithuania to President Felipe Calderón of Mexico and all Mexican people on the Independence Day.
more »
Prime Minister Gediminas Kirkilas is leaving for Brussels on a working visit on Wednesday, 17 September, and is scheduled to meet heads of the European Commission, the European Parliament and NATO to discuss energy, international security, and climate change issues.
more »
President of the Republic of Lithuania Valdas Adamkus presented letters of credence to Mr. Gediminas Šerkšnys as Lithuania’s Ambassador Extraordinary and Plenipotentiary at the Council of Europe.
more »
Participants of the meeting exchanged opinions on possibilities to increase the use of biofuel and municipal waste for heat and electricity production in Lithuania.
more »
On the occasion of celebration of the millennium of lithuania’s name, foreign ministry will use special blanks for documents.
more »
On 8 September, Lithuanian Ambassador to international organisations in Vienna Renatas Norkus presented credentials to Director General of the International Atomic Energy Agency (IAEA) Mohamed ElBaradei.
more »
President Valdas Adamkus extended congratulations on behalf of the people of Lithuania and himself to President Asif Ali Zardari of Pakistan on the occasion of his inauguration and wished him every success in discharging the important duties of the presidential office.
more »